Wastewater management company Fluence (ASX:FLC) has finished a successful capital raise of $36 million at a price per share of $0.44 from sophisticated and professional investors.
Net proceeds from the placement will be used to fund continued expansion in China for MABR sales, bolster geographic expansion, CES projects guarantees, optimize the business’ cost structure, as well as for general corporate purposes.
The Company is also offering a Share Purchase Plan (SPP) to eligible shareholders, at the same price per share price as the placement, to raise up to a further A$6 million before costs.
Fluence says it is pleased to welcome more than a dozen new Australian institutional investors to the register.
Shares in Fluence (ASX:FLC) have dropped 10.89 per cent to 45 cents this morning.